Top US crypto exchange Coinbase plans to integrate Bitkey, a self-custody wallet developed by Jack Dorsey’s fintech company Block.
In a recent announcement, Coinbase say it has formed a global partnership with Bitkey in an effort to drive the growth of self-deposit usage.
Dorsey, the billionaire co-founder and former CEO of Twitter, connected the new collaboration online.
“Buy Bitcoin from an exchange and move it to a hardware key that you control.”
News of the partnership arrives in the wake of Bitkey’s announcement Open applications for its beta program that allow users to try out the product before its public release.
Selected beta customers will receive a free Bitkey hardware device, the company’s mobile app, and a set of recovery tools.
The wallet project is also partnering with mobile payment giant Cash App, according to a recent press release. Customers will see Coinbase and Cash App’s capabilities for buying and transferring Bitcoin (BTC) embedded in the Bitkey app.
Bitkey also plans to launch its full public version later this year, according to Coinbase.
Coinbase’s new partnership comes as the exchange faces regulatory uncertainty in the United States.
Last week, the US Securities and Exchange Commission (SEC) sued the company for operating as an unregistered stock exchange, broker and clearing house.
The SEC is also charging Coinbase for “failing to register the offering and sale of its crypto-asset staking-as-a-service program.”
The regulator is seeking civil fines, as well as the remission of the exchange’s “ill-gotten gains” with interest levied.
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